1. A business that sells on account must have good accounts receivable records to ensure collection from...

Question:

1. A business that sells on account must have good accounts receivable records to ensure collection from customers. What is the name of the detailed record of amounts collectible from individual customers?

2. Where does the total amount receivable from all the customers appear? Be specific.

3. A key control feature of Slopes Ski Shop's accounting system lies in the agreement between the detailed customer receivable records and the summary total in the general ledger. Use the data in Exhibit 7-6, page 405, to reconcile Slopes' accounts receivable records at November 30, 2014.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...